I had a few questions about capital gains tax in california and in general if you could please help me.
1) How much is short term capital gains tax?
2) How much is long term capital gains tax?
3) If I were to have stock and then pull out in order to invest in something else with equitable amount, do I still have to pay the capital gains tax? (For example, if I had stock in BAC and then sold it to buy a house, will I still be taxed?)
1. Taxed as ordinary income (whatever your tax bracket is).
2. Taxed at a lower rate.
3. Yes.
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